04 Apr Selling a Boomer Home to a Millennial Buyer
The real estate market is finding itself in a slight paradox – the homes being sold by one generation don’t really appeal to the generation that is buying them. As Boomers, the older, more traditional generation, are reaching the age of retirement, they’re becoming more and more likely to list their family home to downsize or relocate. And, as Millennials are (finally) beginning to step outside of renting and purchase their first homes, those resales from older Boomers tend to be the best options in their price range. There’s a problem here though, many of these traditional homes don’t appeal to the streamlined, high-tech sensibilities of Gen-Y. So if your client is trying to sell an older home in a heavily Millennial-skewed market, how do you make that home stand out and grab the attention of a potential buyer? Take a look at some of the things Millennials are looking for in their homes, and how to translate those features into a home that isn’t new construction.
Millennials are at the forefront of the new urbanism and walkability trends. And with the multifamily/rental trends, they’ve been more than likely to find homes that suited their needs up until now. If the home is near a park or downtown area, or even if it’s within a short driving distance of necessities like the grocery store or pharmacy, be sure to look up the listing’s walk score, and if it’s above a 70, consider that a selling point!
More Socializing, Less ‘Stuff’
Many Millennials prefer a streamlined aesthetic and are less likely to fill their homes with oversized, ornate furniture and décor, so keep that in mind when staging a home. But, even more widespread among Gen-Y than a décor preference is the desire to entertain and socialize in their homes. More than ever open floorplans, large common areas, and spacious kitchen islands are in high demand with this constantly plugged-in demographic. If a home already has open spaces and a generous kitchen, be sure to play up those features. If not, when staging a home, consider rearranging furniture a bit to give the appearance of larger common spaces, and make it easier for the buyer to visualize dinner parties and game nights.
For generations past, a big yard and garden were selling points. But now, newer buyers are looking for a more urban feel, even in the suburbs, and that means less time and resources spent on lawn care and maintenance. If the home has a large, high maintenance lawn, have the seller consider extending a deck or adding a paver patio or easy-care water feature to both break up the maintenance, and create a more social atmosphere within the home.
Nothing defines the Millennial generation quite as clearly as technology. As true tech natives, these buyers see their devices not just as an accessory for work or play, but a vital part of nearly every aspect of their lives. Creating a tech-oriented feel in a home is not as daunting as it sounds. Installing a docking station in the kitchen, or creating a ‘command center’ for device storage and charging by the front entrance will get the point across. If you’re really trying to woo a buyer, ask the seller to consider installing a smart thermostat or including a smart home device (Amazon’s Echo is a cost effective and exciting option!) with the sale.
With a few small modifications, the right staging, and effective marketing, selling a boomer home to a millennial is not as hard as it may seem!
“319. Lindsay Road” (CC BY 2.0) by InAweofGod’sCreation